Clayton, Dubilier & Rice to Acquire David's Bridal

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Aug 28, 2012, 08:36 ET

NEW YORK, Aug. 28, 2012 /PRNewswire/ -- Clayton, Dubilier & Rice today announced a definitive agreement to acquire David's Bridal, Inc., the leading specialty retailer of bridal gown and wedding-related apparel and accessories in North America. Leonard Green & Partners will continue as a minority partner. The transaction values the company at approximately $1.05 billion. Additional terms of the transaction were not disclosed.

David's Bridal stores provide an unparalleled assortment of designer wedding gowns, special occasion dresses and accessories at affordable prices. Known for outstanding value, fashionable designs and the ease of one-stop shopping, David's Bridal designs, produces and sells a wide selection of styles and sizes through a network of over 300 US and 5 Canadian stores. In addition, www.davidsbridal.com is the industry's leading wedding website. David's Bridal's exclusive partnership with Vera Wang, under the brand White by Vera Wang, has successfully increased the company's designer offerings, which include Oleg Cassini, Galina Signature, Galina, David's Bridal Collection and DB Studio. The company also has exclusive vendor partnerships through which it offers additional wedding-related services.

"David's Bridal is a unique and well-positioned specialty retailer competing in a large and stable industry," said Richard J. Schnall, a Partner at CD&R. "We look forward to working closely with the company to build on its market leadership and scale advantages to grow in new market segments, channels, and geographies."

"The CD&R team has a reputation for operational excellence and we welcome their ownership as we accelerate our growth strategies for the company and continue our commitment to providing the highest levels of style, quality and value to our customers," said Robert D. Huth, President and CEO of David's Bridal. "We are also pleased that Leonard Green will continue to be an investor."

"The company's strong brand awareness, exceptional service quality, deep product knowledge, and high performance levels are unmatched in the bridal customer segment and that is why we are so excited about the transaction," said CD&R Partner Kenneth A. Giuriceo.

CD&R Operating Partner Paul Pressler, former CEO of the GAP and former senior Disney executive, will assume the role of Chairman at the close of the transaction, expected in the fourth quarter.

Bank of America Merrill Lynch, Barclays, Goldman Sachs Bank USA, and Morgan Stanley have committed to providing debt financing for the transaction. Debevoise & Plimpton LLP acted as legal advisor to CD&R. Bank of America Merrill Lynch and Barclays acted as financial advisors and Latham & Watkins LLP acted as legal advisor to David's Bridal.

About Clayton, Dubilier & Rice

Founded in 1978, Clayton, Dubilier & Rice is a private equity firm with an investment strategy predicated on producing financial returns through building stronger, more profitable businesses. Since inception, CD&R has managed the investment of over $18 billion in 52 U.S. and European businesses with an aggregate transaction value of more than $80 billion. To learn more about CD&R, please visit www.cdr-inc.com.

About David's Bridal

With more than 60 years of experience, David's Bridal understands the importance of providing women with a vast selection of exquisitely crafted dresses and accessories, available at affordable prices. Today, with over 300 locations across the US, Canada and Puerto Rico, David's Bridal dresses one-third of all US brides while continuing to maintain its philosophy of superior quality, value and service. To learn more about David's Bridal, please visit www.davidsbridal.com.

Contact:

Daniel G. Jacobs
Clayton, Dubilier & Rice
(212) 407-5218

Andrew McGloin
Broadgate Consultants
(212) 232-2222

SOURCE Clayton, Dubilier & Rice